Swiss Giant Wins China Nod

by swisschambei in Bank / Finance / Insurance

Credit Suisse achieved a key milestone for its Chinese activities. The Swiss bank won regulatory approval to take a majority stake in Founders Securities, a joint venture it maintains in China, it said in a statement in Friday. Credit Suisse is the latest bank to rush in following the lifting of restrictions. “Credit Suisse will work closely with Founder Securities to make the necessary arrangements to complete the planned capital injection and related procedures,” the bank said. With the move, Credit Suisse’s holding will increase to 51 percent, from one-third currently. Last year, Chinese authorities said it will remove foreign ownership limits for securities, insurance, and fund management companies next year – one year earlier than planned. For Credit Suisse, this means developing onshore capabilities, the bank said. “We intend to continue to invest in this important market to bring our integrated capabilities and our comprehensive range of financial products and services to both domestic and international clients in China,” Asia head Helman Sitohang said.

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